TRENTON — Survivors of Hurricane Sandy in New Jersey have until March 1 to return their applications for low-interest disaster loans from the Small Business Administration.
The quickest way to apply for an SBA disaster home or business loan is filling out an online application at https://disasterloan.sba.gov/ela.
People can apply to SBA before settling with their insurance company-so there’s no need to wait. Applying by the deadline can avoid a shortfall in rebuilding money if survivors later discover they are underinsured.
SBA is the primary source of federal funds for long-term rebuilding. In most cases, Federal Emergency Management Agency money will not cover all of the repair needs of homeowners.
By returning the SBA loan application, homeowners may be eligible for up to $200,000 to repair or replace their storm-damaged home. Homeowners and renters may be eligible for up to $40,000 for replacement of personal property such as clothing, furniture, cars and appliances.
There is no obligation to accept an SBA disaster home loan and homeowners and renters may become eligible for additional FEMA grants if they are not approved for a loan.
For businesses and private nonprofit organizations, the SBA may loan up to $2 million to repair or replace storm-damaged property.
For additional information on SBA, contact the customer service center by calling 1-800-659-2955 (for people who are deaf or hard of hearing TTY 1-800-877-8339), emailing firstname.lastname@example.org or visiting sba.gov.
Affected survivors may visit a disaster recovery center for more information about FEMA and SBA assistance. For nearby locations, visit www.fema.gov/disaster-recovery-centers.